Allegheny Technologies’ (ATI) “Buy” Rating Reaffirmed at Buckingham Research
Allegheny Technologies Inc. (NYSE:ATI)‘s stock had its “buy” rating reissued by equities research analysts at Buckingham Research in a research note issued on Monday. They currently have a $21.00 target price on the stock. Buckingham Research’s price target points to a potential upside of 19.25% from the stock’s current price.
A number of other analysts have also issued reports on ATI. Berenberg Bank reiterated a “hold” rating and set a $13.90 price objective on shares of Allegheny Technologies in a research note on Wednesday, July 27th. Deutsche Bank AG upgraded shares of Allegheny Technologies from a “hold” rating to a “buy” rating and lifted their price objective for the company from $15.00 to $20.00 in a research note on Monday, August 29th. Cowen and Company upgraded shares of Allegheny Technologies from an “underperform” rating to a “market perform” rating in a research note on Wednesday, July 27th. Bank of America Corp. reiterated a “buy” rating on shares of Allegheny Technologies in a research note on Friday, June 17th. Finally, Seaport Global Securities began coverage on shares of Allegheny Technologies in a research note on Friday, September 9th. They set a “buy” rating and a $21.00 price objective on the stock. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Allegheny Technologies currently has a consensus rating of “Buy” and an average target price of $20.10.
Shares of Allegheny Technologies (NYSE:ATI) opened at 17.61 on Monday. Allegheny Technologies has a 52 week low of $7.08 and a 52 week high of $18.74. The firm’s market cap is $1.92 billion. The company’s 50-day moving average is $17.23 and its 200-day moving average is $15.57.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at https://www.americanbankingnews.com/2016/10/10/allegheny-technologies-ati-buy-rating-reaffirmed-at-buckingham-research.html
Allegheny Technologies (NYSE:ATI) last announced its quarterly earnings results on Tuesday, July 26th. The company reported ($0.18) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.37) by $0.19. The firm had revenue of $810.50 million for the quarter, compared to analysts’ expectations of $792.11 million. Allegheny Technologies had a negative net margin of 15.65% and a negative return on equity of 7.87%. Allegheny Technologies’s revenue was down 20.7% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.15) earnings per share. Analysts forecast that Allegheny Technologies will post ($0.92) EPS for the current fiscal year.
Hedge funds have recently added to or reduced their stakes in the stock. State Street Corp raised its stake in Allegheny Technologies by 6.4% in the first quarter. State Street Corp now owns 4,204,983 shares of the company’s stock valued at $68,544,000 after buying an additional 251,579 shares during the last quarter. UBS Group AG raised its stake in Allegheny Technologies by 7.3% in the first quarter. UBS Group AG now owns 202,647 shares of the company’s stock valued at $3,304,000 after buying an additional 13,747 shares during the last quarter. Canada Pension Plan Investment Board raised its stake in Allegheny Technologies by 73.7% in the first quarter. Canada Pension Plan Investment Board now owns 45,500 shares of the company’s stock valued at $742,000 after buying an additional 19,300 shares during the last quarter. Bessemer Group Inc. raised its stake in Allegheny Technologies by 4.1% in the first quarter. Bessemer Group Inc. now owns 11,225 shares of the company’s stock valued at $183,000 after buying an additional 445 shares during the last quarter. Finally, Emerald Acquisition Ltd. acquired a new stake in Allegheny Technologies during the second quarter valued at $2,668,000. Hedge funds and other institutional investors own 95.60% of the company’s stock.
About Allegheny Technologies
Allegheny Technologies Incorporated (ATI) is a specialty materials and components producer. The Company operates through two business segments: High Performance Materials & Components and Flat Rolled Products. ATI’s products include titanium and titanium alloys, nickel-based alloys and specialty steels, precision forgings, castings and machined components, zirconium and related alloys, precision and engineered stainless steel strip, and grain-oriented electrical steel.
Receive News & Ratings for Allegheny Technologies Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Allegheny Technologies Inc. and related companies with MarketBeat.com's FREE daily email newsletter.